GitLab stock falls more than 30% as it misses revenue guidance
Shares in GitLab Inc. plunged in Monday’s extended session after the DevOps software company’s revenue forecast fell short of Wall Street consensus.
GitLab GTLB,
Shares fell more than 30% after the close after gaining 0.6% in the regular session to close at $44.60.
The company forecast an adjusted loss of 15 cents to 14 cents per share of sales of $117 to $118 million and an adjusted loss of 29 cents to 24 cents per share of sales of $529 to $533 million for the first quarter for the year.
Analysts polled by FactSet reported a loss of 16 cents per share on revenue of $126.2 million for the fourth quarter and a loss of 53 cents per share on revenue of $586.5 million for the year estimated.
The company reported a loss of $38.7 million, or 26 cents a share, for the fourth quarter, compared to a loss of $45.8 million, or 32 cents a share, in the year-ago period. Adjusted loss, which excludes stock-based compensation expense and other items, was 3 cents per share, compared to 16 cents per share in the year-ago period.
Revenue increased to $122.9 million from $77.8 million in the year-ago quarter.
Analysts had forecast a loss of 14 cents a share on revenue of $119.6 million.
Last quarter, shares of GitLab rallied after the company’s quarterly results and guidance beat Wall Street’s expectations at the time.
GitLab went public in October 2021, with shares priced at $77 apiece.
https://www.marketwatch.com/story/gitlab-stock-drops-more-than-30-as-revenue-forecast-misses-3556687b?siteid=yhoof2&yptr=yahoo GitLab stock falls more than 30% as it misses revenue guidance
